Chicago Closing Comments - Monday

September beans closed at $9.25 down 59 ½ cents, November closed at $9.09, up 6 cents. The spread between old and new crop narrowed to 16 cents on the close. The crop progress report tonight lists 17% of the soybeans dropping leaves and condition ratings are 8% poor/very poor and 68% good/excellent, the same as last week.

September corn closed at $3.05, down 9 ½ cents, December finished at $3.17 ¾, down 2 cents. Today’s crop progress report said 93% of the corn crop was in the dough stage, a 7 point advance from last week. Corn in the dent stage is at 66%, 16 points ahead of last week but 10 points behind last year at this time and 20 points behind the 5 year average. Corn maturity is at 12%, 5 points behind a year ago and 25 points behind the five year average. Condition ratings for the crop are 9% poor/very poor and 69% good/excellent, the same as last week.

September wheat finished at $4.31, down 10 ¾ cents. Today’s progress report indicated 13% of the winter wheat crop is planted, tying in with the five year average. Spring wheat harvest remains significantly behind last year and the five year average at 69% versus 91% and 92% respectively.